Tuesday, December 9, 2008

Reject blackmail: Let Chrysler Canada fail

Chrysler Corporation has resorted to a fairly crude attempt to blackmail the Government of Canada today for $1.6 billion dollars in return for saving about 8000 jobs.

Outside of the moral dimension of a private corporation blackmailing the taxpayers and the government, there are three very compelling reasons to oppose such a bailout:

1. Chrysler's owner, Cerberus Capital Management LP, refuses to invest any more money in the firm.

2. Chrysler has already hired law firm Jones Day as Bankruptcy Counsel, indicating the bailout request is too little, too late, and;

3. $1.6 billion left in the productive economy is the resources needed to create 32,000 full time jobs. Transferring this amount of wealth from the taxpayer to Chrysler is a huge net loss for Canada and Canadians.

The conclusion is clear: Let them fail.

Blogburst this and write your MP to stop the blackmail.

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